Weekly M&A Falls Below $10 billion
The weekly pace of worldwide mergers and acquisitions fell to the lowest levels this year with just $7.8 billion in announced M&A activity during the week of March 10th, compared to a weekly average of $37.2 billion so far during 2013. Through Thursday, not one M&A deal over $1 billion had been announced worldwide for the first time since the week of September 30, 2001.
For year-to-date 2013, worldwide M&A activity reached $400.4 billion, a 6% increase compared to last year at this time. Real estate, financials, energy and power and consumer staples deal making accounts for 46% of overall M&A activity this year.
JP Morgan tops the year-to-date M&A financial advisor rankings with $133.1 billion in announced deals, followed by Goldman Sachs and Bank of America Merrill Lynch.
Global Convertible Bond Activity Doubles 2012 Levels
Convertible bond offerings from China Minsheng Banking Corp ($3.2 billion) and Salesforce.com ($1.0 billion) pushed the volume of global convertible bond offerings to $25.4 billion for year-to-date 2013, more than double the volume of convertible bond offerings brought to market during the year ago period and the strongest start for convertible offerings since 2008.
Financial issuers account for nearly one-third of activity so far this year, followed by materials (17%) and energy & power (13%). The United States, China and Italy account for 56% of convertible debt issuance for year-to-date 2013.
Bank of America Merrill Lynch leads the year-to-date ranking for global convertible debt underwriting with 10.0% market share, followed by UBS and Goldman Sachs, with 9.6% and 9.5%, respectively
Agency, Sovereign & Supranational Debt Falls 12%
Agency, sovereign and supranational debt issuance totals $324.9 billion for year-to-date 2013, a decrease of 12% compared to last year at this time. The European Investment Bank, Germany's KfW and the European Financial Stability Facility (EFSF) combine for 27% of year-to-date 2013 agency, sovereign and supranational debt issuance. The United Kingdom, Belgium and Spain have raised $35.2 billion, leading sovereign issuers so far this year.
Deutsche Bank, with 9.4% market share, retains the top ranking for global agency, sovereign & supranational underwriters so far this year. Goldman Sachs has moved three spots to second place this year, followed by Barclays which retains its third-place ranking with 7.0% share.